Venture capital firm Brandon Capital has announced its first investment from the government’s Biomedical Translation Fund (BTF) - $7.75 million towards Global Kinetics Corporation.
The BTF, which is designed to bridge the gap between research and commercialisation of new Australian biomedical discoveries, was announced in 2015 as part of the government’s National Innovation and Science Agenda. It is based on the private sector matching the government’s $250 million investment in the BTF.
The for-profit venture capital fund invests in companies with medical research projects at advanced pre-clinical, phase 1 and phase 2 stages. Through its Medical Research Commercialisation Fund, Brandon Capital has been appointed to manage $230 million, the largest pool of allocated funds.
Melbourne-based Global Kinetics Corporation is focused on using medical technology to improve the lives of people living Parkinson’s disease.
The company was formed in 2007 to develop and commercialise its lead product, the Parkinson’s KinetiGraph (PKG), a wrist-worn device that measures the symptoms of Parkinson’s and provides reports to support routine care.
“The federal government’s initiative in creating the BTF has delivered much needed financial support for Australia’s world-leading medical research," said Dr Chris Nave, managing director of Brandon Capital.
"Global Kinetics is a perfect example of Australia’s biomedical capabilities, with the technology taken from concept to commercialisation here in Melbourne and the product now being manufactured in Australia and exported to the world.
“Global Kinetics’ technology is improving the lives of people with Parkinson’s disease, with over 25,000 PKG patient reports delivered around the world to date. This $7.75 million is part of a Series 6 Funding Round for the company, taking the total amount raised by the company to over $45 million.”
Innovation minister Michaelia Cash said the BTF was an example of Australian Government and industry jointly funding advanced medical technologies to deliver long-term benefits for patients and the nation.
“The BTF is helping innovative Australian companies, like Global Kinetics Corporation, achieve global commercial success.
“This investment will assist the company to expand their Australian operations and grow their presence in the US in particular, which is the world’s largest market for pharmaceutical and medical devices," said the minister.